What you get as a member of the Scheme
Being a member of the Final Salary section of the Uniper Group of the ESPS means you get a range of valuable benefits, both while you are working and once you have retired.
Please select from the options below to find out more. You will also find further details in your Member Guide.
While you are working
Making the most of your membership while you are still working could put you in a better position once you retire. It is important to understand what you are entitled to, and the options available to help you on your pension saving journey. You can find out more below and across the other pages of this website.
Your contributions
The Final Salary section of the Uniper Group of the ESPS is a defined benefit (DB) arrangement.
As a member of a DB arrangement, you do not have to make any decisions about how your contributions are invested (unless you to choose to make Additional Voluntary Contributions (AVCs)). The responsibility for your main pension contributions lies with the Trustees, who will ensure they are invested appropriately to provide a pension for life when you retire.
Each year, you will receive an Annual Benefit Statement (ABS) to help you keep track of how your pension entitlement is building up.
Your employer pays in too
While you are paying into your pension, your employer is paying in too. As your contributions alone would not be enough to pay for all the benefits promised, the Company must pay the balance of costs.
Tax relief
You benefit from income tax relief on your contributions. The money you pay in is taken from your salary before you pay any income tax on it, making it go further.
As a member of the Final Salary section of the Uniper Group of the ESPS, you can benefit from salary sacrifice. This is an arrangement between you and your employer, where you agree not to receive a certain element of pay and your employer instead pays this amount directly into your pension. Both you and your employer potentially save on National Insurance contributions with such an arrangement (as well as you not paying income tax on the amount).
You can save even more
If you want to pay more towards your Uniper pension, you have a few options to do this. Go to the boosting your benefits page to understand what they are.
Death benefits mean you are looking out for your loved ones
If you die before taking your pension, your loved ones might get a tax-free lump sum. You can tell the Trustee who you would like to get this by completing an Expression of Wish form when you log in to your myESPS account. Your dependants - such as your family - may also get a pension. For more information, please check your Member Guide or visit the Expression of Wish page.
When you take your benefits
As a Final Salary section member, you are entitled to a number of benefits when you come to take them from the Scheme. This includes:
- a pension for life
- a tax-free lump sum
These are calculated based on your pensionable service and final pensionable salary at the date you left the Scheme.
- Pensionable service is the period of time (service) you have been a member of the Scheme. This will be from the date you joined the Scheme up to the date you leave or take your benefits. It also includes any benefits that may have been transferred in from previous arrangements and any added years contracts you have purchased.
- Final pensionable salary is normally your pensionable salary (or what would have been your pensionable salary had you not been absent due to sickness and/or injury) in the 12 months before retirement, death or leaving the Company. When you take your benefits, an element of inflation protection may be built into the calculation of your final pensionable salary. You can find more information how your final pensionable salary is calculated in your Member Guide.
It is up to you how, and when, you choose to take your pension benefits, and you can find more information on the taking your benefits page.
There are also a number of other advantages in being part of the Scheme. For example…
Your pension may increase annually
Your Uniper ESPS pension is reviewed every year and increases in line with the Scheme rules. You can find out more on the pension increases page and in your Member Guide.
Your dependants could be entitled to death benefits
This may include:
- a lump sum – this will depend on how long you have been taking your pension and whether you took a lump sum previously
- a pension – this could be for a spouse, children or other dependant
You can find out more on the benefits after death page and in your Member Guide.
You can also let the Trustees know who you would like any lump sum to be paid to by completing an Expression of Wish form. You can learn more about this on the Expression of Wish page.
You could get an income if you are forced to retire early because of ill-health
If you need to stop work completely due to ill-health, you may be able to start taking your benefits early. Check the change in circumstances page for more information.
Keeping your details up to date
It is important your details remain up to date so we can keep in touch with you about your pension.
For example, if you change your address, please update the details in your myESPS account or contact the pensions administrator, Broadstone, as soon as possible.